The following balances have been extracted from the accounting records of Tancan Ltd at 31 December 2018: Cash sales Credit sales Opening inventory Purchases Carriage inwards Carriage outwards Office equipment at 1 January 2018: Administrative expenses The following further information is available: (1) Closing inventory is 450,000 (2) Some office equipment, which had cost 20,000, with accumulated depreciation at 1 January of 2018 of 14,000, was sold for 15,000 during the year. (3) New equipment was purchased for 60,000 on 1 July 2018. (4) The company depreciates its office equipment at 20% per year on the straight line basis, with proportionate depreciation in the year of purchase but none in the year of sale. (5) Uncollectible debt expense is estimated to be 1% of credit sales. (6) Accruals and prepayments on administrative expenses at 31 December 2018 are (not yet considered in the balances above): Accruals 28,700 14,400 1,230,000 2,600,000 360,000 2,124,000 119,000 227,000 Cast 460,000 Accumulated depreciation 92,000 416.000 Prepayments Required: Complete Tancan Ltd's statement of profit or loss for the year ended 31 December 2018 by writing appropriate figures or words in the blanks (Write just the full numbers, ie, do not use brackets or a minus sign, just deduct the ones that have to be deducted in your calculations to arrive at gross profit and profit before taxation). Statement of Profit or Loss for the year ended 31 December 2018 Sales revenue Less: Cost of sales Gross profit Expenses Administrative expenses Carriage outwards Uncollectible debt expense Depreciation Profit on sale of equipment Profit before taxation 227,000